Monday, March 20th, 2017
(March 20): US stocks reversed course to trade slightly higher in late morning trading on Monday, helped by a rise in technology stocks including Apple.
Apple rose nearly 1%, hitting a new record-high of US$141.34, lifting the tech-heavy Nasdaq Composite index to yet another intraday high.
The iPhone-maker’s stock could rise another 10% in six months, Barron’s wrote in an article posted Saturday.
(March 20): US electronic payments company MoneyGram International Inc said on Monday that peer Euronet Worldwide Inc’s offer could result in a superior proposal compared to the one from China’s Ant Financial Services Group.
Euronet had offered US$15.20 per share in cash to buy MoneyGram last week, topping the US$13.25 per share offer from Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd.
NEW YORK (March 20): The US dollar dipped to a six-week low against a basket of currencies on Monday, extending weakness from last week, following recent interest-rate guidance from the US Federal Reserve that was less “hawkish” than many had expected.
The greenback has been on the retreat since the Fed on Wednesday raised interest rates but stopped short of predicting a sharper pace of monetary policy tightening over the next two years.
(March 20): Tim Cook has talked up a lot of technologies since becoming Apple Inc’s chief executive in 2011. Driverless cars. Artificial intelligence. Streaming television. But no technology has fired up Cook quite like augmented reality, which overlays images, video and games on the real world. Cook has likened AR’s game-changing potential to that of the smartphone. At some point, he said last year, we will all “have AR experiences every day, almost like eating three meals a day. It will become that much a part of you.”
NEW YORK (March 20): Banker, philanthropist and presidential adviser David Rockefeller died of congestive heart failure on Monday at age 101, a family spokesman said.
Rockefeller, who was the patriarch of the Rockefeller family, died peacefully in his sleep at his home in Pocantico Hills, spokesman Fraser Seitel said in a statement.
DUBAI/LONDON (March 20): OPEC oil producers increasingly favour extending beyond June a pact on reducing crude supply to balance the market, sources within the group said, although Russia and other non-members need to remain part of the initiative.
The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1 for six months, the first reduction in eight years. Russia and other non-OPEC producers agreed to cut half as much.
SAO PAULO/BEIJING (March 20): Fallout over a Brazilian meat corruption scandal spread on Monday, with China and South Korea suspending some imports, the European Union mulling action and shares of meatpacking companies BRF SA and JBS SA dropping.
China, Brazil’s top trade partner, decided to suspend the import of meat products from Brazil as a “precautionary measure,” said a source who requested anonymity because of the sensitivity of the information.
CALGARY, Alberta (March 20): Transcanada Corp has secured shipper commitment for a pipeline for Malaysian state-owned oil company Petronas’s Pacific NorthWest liquefied natural gas (LNG) terminal in western Canada and will seek approval for early construction, the company said on Monday.
TransCanada was previously granted approval for the North Montney Mainline pipe on condition of a positive final investment decision from Pacific NorthWest. The approval TransCanada is seeking will allow the company to start building most of the pipe before such a decision, TransCanada said.
LONDON (March 20): Oil fell on Monday as investors continued to unwind bets on higher prices after record cuts last week because of concerns that growing US oil output could hamper an OPEC-led deal on production reductions.
Benchmark Brent crude futures were down 31 US cents at US$51.45 a barrel by 1409 GMT. US West Texas Intermediate (WTI) crude futures fell by 52 US cents to US$48.26.